TITLE

MGM Mirage examines selling undeveloped land

AUTHOR(S)
ILLIA, TONY
PUB. DATE
November 2008
SOURCE
Las Vegas Business Press (10712186);11/24/2008, Vol. 25 Issue 47, pP12
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
The article reports that MGM Mirage is planning to sell its undeveloped land on the Las Vegas Strip in Nevada and elsewhere to improve its liquidity due to the economic downturn. The land might raise an estimated $300 million. It also notes that investors are scrutinizing earnings and watching MGM Mirage seek to generate cash for its loans and to finish its CityCenter project on the Strip. Though land prices are down, MGM Mirage chairman and chief executive officer (CEO) Jim Murren claims that they are still above what they have on their books.
ACCESSION #
35620039

 

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